African Bank to offer unsecured loans for Momentum

As part of the next step in its tie-up with MMI, African Bank has announced that it will start administering loans for Momentum.

The banking group, which is known as a player in the unsecured lending market, is working towards becoming a full retail bank, and has partnered with MMI to accomplish this.

According to Serge Mosime, African Bank group executive: credit direct, the partnership, which was initiated in 2017, has resulted in an expanded distribution network and financial offerings for both African Bank customers and MMI clients.

“MMI comprises two major brands – Metropolitan and Momentum. In July 2017 we commenced with Metropolitan Insurance, which has enabled African Bank to offer Metropolitan insurance products through its branch network. We now proudly have Metropolitan representation in 100 of our African Bank branches,” the executive said.

In October 2017 the partnership was extended to include Metropolitan Loans, and in May, Momentum Loans will join – all administered by African Bank.

Commenting on the announcement, Hema Morar, CEO of Momentum Loans said that many of Momentum’s existing clients already hold a personal loan and believes they can be better managed as part of a holistic financial plan within the Momentum ecosystem.

The partnership with African Bank marks Momentum’s entry into the unsecured loan market, she said.

Read: African Bank appoints new group CEO and promises new family product with ‘near free pricing’

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African Bank to offer unsecured loans for Momentum